Binance’s European Banking Partner to Withdraw Support From September: Report

Binance’s European banking partner Paysafe Payment Solutions will stop supporting the US cryptocurrency exchange from September 25, CoinDesk reported on Wednesday.

The crypto exchange will be changing the provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA), while the current partner — Paysafe — will no longer be providing these services to Binance users, the report said, citing Binance’s spokesperson.

Binance typically accesses SEPA via payment intermediaries.

Paysafe and Binance did not immediately respond to a Reuters request for comment.

The report comes as Binance faces scrutiny from regulators keen to clamp down on money laundering.

Earlier this month, Binance and its US affiliate had entered an agreement with the Securities and Exchange Commission to ensure US customer assets remain within the country until a sweeping lawsuit filed by the regulatory agency is resolved.

Binance had tied up with Paysafe last year so that its users could deposit sterling via Faster Payments, a network that oversees payments and bank account transfers in Britain.

Binance is under preliminary investigation by the Paris prosecutors office for both illegal canvassing of clients and aggravated money laundering. Last week, the company said it was leaving the Dutch market because it had been unable to meet registration requirements to operate as a virtual asset service provider.

© Thomson Reuters 2023